Jun 8, 2012

Delta Dunia to issue 570.39 mio new shares

Indonesia second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) aims to hold nonpreemptive rights by issuing 570.39 million new shares of 7% of its capital paid in to employees and its directors and PT Bukit Makmur Mandiri Utama (BUMA).

According to Delta Dunia's announcement, the company will issue those new shares in two stages. The first stage will be distributed on July 16 2012 and July 15 2013 with exercise price of Rp494 a share, while the second stage will be held on July 15 2014 and July 15 2015 with exercise price based on the average market price of 25 trading days prior to the announcement of extraordinary of shareholders meeting at the latest on June 30 2014.

If the non-preemptive rights issue could be realized during 2012-2016, dilution effect would be 6.54%. Senior employees will be offered with 162.97 million new shares and Delta Dunia's management and BUMA will be allocated the remaining shares.